Renault to Invest $350 Million
To Manufacture Cars in Moscow

MOSCOW -- Renault SA of France is the latest entry in the crowded field of Western auto makers jostling to produce cars in the former Soviet Union.

Renault on Saturday signed a preliminary agreement with the city of Moscow to manufacture as many as 120,000 vehicles annually at the AO Moskvich car factory just outside the Russian capital. According to a letter of intent Renault Chairman Louis Schweitzer and Moscow Mayor Yuri Luzhkov signed during a lavish ceremony presided over by France's visiting Prime Minister Lionel...